PDC Energy Inc (NASDAQ:PDCE) – Equities research analysts at SunTrust Banks dropped their Q3 2019 earnings estimates for PDC Energy in a research report issued on Wednesday, October 16th. SunTrust Banks analyst W. Fitzpatrick now anticipates that the energy producer will post earnings per share of $0.30 for the quarter, down from their previous estimate of $0.34. SunTrust Banks has a “Buy” rating and a $50.00 price target on the stock. SunTrust Banks also issued estimates for PDC Energy’s Q4 2019 earnings at $0.45 EPS, FY2019 earnings at $1.36 EPS and FY2020 earnings at $2.33 EPS.
PDCE has been the subject of a number of other reports. Imperial Capital reissued an “outperform” rating and issued a $50.00 target price on shares of PDC Energy in a research report on Tuesday, August 27th. Credit Suisse Group raised PDC Energy from a “neutral” rating to an “outperform” rating and upped their target price for the company from $36.00 to $39.00 in a research report on Tuesday, August 27th. Barclays initiated coverage on PDC Energy in a research report on Friday, August 30th. They issued an “overweight” rating and a $42.00 target price for the company. BMO Capital Markets cut PDC Energy from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $50.00 to $38.00 in a research report on Thursday, July 11th. Finally, Wolfe Research raised PDC Energy from an “underperform” rating to a “peer perform” rating in a research report on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and sixteen have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $49.59.
PDC Energy (NASDAQ:PDCE) last released its quarterly earnings data on Wednesday, August 7th. The energy producer reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.11). PDC Energy had a net margin of 7.73% and a negative return on equity of 3.08%. The business had revenue of $390.70 million during the quarter, compared to analysts’ expectations of $333.78 million. During the same quarter in the previous year, the company posted $0.56 EPS. The company’s revenue was up 83.9% compared to the same quarter last year.
Several hedge funds have recently modified their holdings of the company. Northern Trust Corp increased its stake in PDC Energy by 1.7% in the 2nd quarter. Northern Trust Corp now owns 1,389,279 shares of the energy producer’s stock valued at $50,097,000 after purchasing an additional 23,318 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in PDC Energy by 4.5% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 515,535 shares of the energy producer’s stock valued at $18,591,000 after purchasing an additional 22,433 shares in the last quarter. William Marsh Rice University increased its stake in PDC Energy by 18.8% in the 2nd quarter. William Marsh Rice University now owns 404,851 shares of the energy producer’s stock valued at $14,599,000 after purchasing an additional 64,158 shares in the last quarter. Nuveen Asset Management LLC purchased a new position in PDC Energy in the 2nd quarter valued at approximately $13,052,000. Finally, Anchor Capital Advisors LLC increased its stake in PDC Energy by 1.0% in the 2nd quarter. Anchor Capital Advisors LLC now owns 354,149 shares of the energy producer’s stock valued at $12,771,000 after purchasing an additional 3,348 shares in the last quarter.
In other news, Director Anthony J. Crisafio sold 1,500 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $35.09, for a total transaction of $52,635.00. Following the completion of the transaction, the director now directly owns 22,130 shares of the company’s stock, valued at approximately $776,541.70. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.00% of the company’s stock.
About PDC Energy
PDC Energy, Inc, an independent exploration and production company, acquires, explores for, develops, and produces crude oil, natural gas, and natural gas liquids in the United States. Its operations are primarily located in the Wattenberg Field in Colorado and the Delaware Basin in Texas. The company was formerly known as Petroleum Development Corporation and changed its name to PDC Energy, Inc in June 2012.
Recommended Story: What are benefits of a growth and income fund?
Receive News & Ratings for PDC Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PDC Energy and related companies with MarketBeat.com's FREE daily email newsletter.